Walmart buys lingerie firm
Walmart Inc on Friday said it would buy online lingerie retailer Bare Necessities Ltd, the latest acquisition in a niche-brand buying spree. Walmart declined to disclose how much it is paying for Bare Necessities, but said the deal would help deepen its expertise in the world of bras, swimwear and shapewear. Bare Necessities would remain a stand-alone site, the company said. Bare Necessities cofounder and chief executive officer Noah Wrubel would also lead the intimates area for Walmart.com and Jet.com.
KKR to buy assets in India
KKR & Co is seeking to acquire assets from stressed Indian shadow lenders, as it tries to take advantage of the market disruption after a rare money market default by Infrastructure Leasing & Financial Services Ltd. The private equity company’s two Indian credit units might spend as much as 20 billion rupees (US$271.42 million) combined with purchase portfolios from local finance companies, KKR India chief executive officer Sanjay Nayar said on Friday.
Tesla mulls making liquor
What started as an April Fools’ Day joke that left a poor taste in Tesla Inc investors’ mouths might soon become a reality. The electric automaker on Monday submitted a trademark application for Teslaquila, describing the planned product as a distilled agave liquor. The application was filed as “based on intent to use,” which means that Tesla does not have the product ready just yet. The company needs to actually be making a product to obtain the trademark.
Cohn turns start-up advisor
Gary Cohn, the former chief economic aide to US President Donald Trump and president of Goldman Sachs Group Inc, would serve as an adviser to blockchain technology start-up Spring Labs. Joining Spring Labs is his most high-profile move since resigning as National Economic Council director earlier this year after Trump imposed tariffs on aluminum and steel that Cohn opposed.
Icicle to acquire Carven
China’s Icicle (之禾), a fashion firm that focuses on using natural fibers, was selected on Friday to take fashion label Carven out of bankruptcy, lawyers for the storied French company told reporters. One of seven offers, Icicle bid a little more than 6.5 million euros (US$7.52 million) for the company, which was founded in 1945 and sought bankruptcy protection in May. Icicle has pledged to invest another 8 million into the company. Carven’s last publicly disclosed figures were a net profit of 67,000 euros on sales of 49 million euros in 2015.
Firm to shed extra US control
Prudential Financial Inc could as soon as next week shed the too-big-to-fail label that the US government slapped on it after the 2008 financial crisis, a person familiar with the matter said. The Financial Stability Oversight Council has been considering freeing the New Jersey-based insurer from heightened oversight for months. A vote on the matter might come when the panel meets in Washington on Tuesday, said the person, who asked not to be named because a decision has not yet been announced.
Just a few years ago, the millennial generation — generally defined as those born from the early 1980s through the mid-1990s — was synonymous with youthful rebellion. However, now, as the millennials ease into early middle age, they are finding their path out of their parents’ basement to be a lot harder than it was for earlier generations. The fundamental problem is that millennials are not building wealth. The wealth of the median US household headed by someone 35 or younger has actually shrunk in inflation-adjusted terms since the mid-2000s, even as the wealth of older Americans has continued to grow. An
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range